Commercial property cannot be treated as a residential property for mere showing rent income as Income from House Property

S. 54F Exemption denial by treating Commercial Property as residential property for showing rent income as Income from House Property Issue– In the return of income, the assessee had claimed deduction under section 54F of the Act. During the course of assessment, the assessee disclosed that apart from property purchased at Kodaikanal for Rs. 1,14,88,000/- , the assessee owns residential house at Sidharth Heights and commercial property at Raahat Plaza, Chennai. The assessee had purchased property at Kodaikanal from the sale proceeds received from sale of land measuring 16.96 cents at Kaz...